#UAE agritech start-up raises $50 million in bonds to grow tomatoes in the desert | Reuters

UAE agritech start-up raises $50 million in bonds to grow tomatoes in the desert | Reuters

UAE agriculture technology start-up Pure Harvest Smart Farms has raised $50 million via sukuk, or Islamic bonds, the first time an early-stage company in the region has secured venture capital through debt on the market, its chief executive said on Monday.

It also raised $10 million in equity capital in January, founder and CEO Sky Kurtz told Reuters.

The combined $60 million capital will be used to build two “high-tech hybrid greenhouses” in the United Arab Emirates to produce tomatoes, currently the firm’s main product, and leafy greens in year-round warmth and sunshine.

The financing will also allow the company to retrofit an existing facility for berry production in the UAE and build a tomato production facility in Saudi Arabia in partnership with the National Agricultural Development Company (NADEC), 20% owned by Saudi Arabia’s Public Investment Fund.